Business
Service Provider Loyalty Remains Strong as Lattice Biologics Issues Shares for Services and Announces Planned Debt-to-Equity Conversion
Service Provider Loyalty Remains Strong as Lattice Biologics Issues Shares for Services and Announces Planned Debt-to-Equity Conversion.
About this update from Lattice Biologics Ltd
[{"type":"text","content":"\nService Provider Loyalty Remains Strong as Lattice Biologics Issues Shares for Services and Announces Planned Debt-to-Equity Conversion\n\nService Provider Loyalty Remains Strong as Lattice Biologics Issues Shares for Services and Announces Planned Debt-to-Equity Conversion\n\nSCOTTSDALE, AZ--(Marketwired - March 20, 2017) - NOT FOR DISSEMINATION IN THE US OR THROUGH US NEWSWIRE SERVICESLattice Biologics Ltd. (TSX VENTURE: LBL) (OTCQB: LBLTF) (\"Lattice Biologics\" or the \"Company\") is pleased to announce that it has obtained TSX Venture Exchange (\"TSXV\") approval to issue 75,115 common shares of the Company (\"Shares\") to an individual as compensation for certain services rendered to the Company during January and February of 2017.The Shares will be issued pursuant to the terms of the Shares for Services Agreement (announced August 8, 2016) at a deemed price of Can$0.214. The number of Shares was determined by using the volume weighted average price of the Company's common shares on the TSXV for the five business days prior to submission to the TSXV for approval of the issuance. Debt-to-Equity Conversion:Lattice Biologics also announces that, subject to TSXV approval, the Company plans to convert US$70,000 (Can$93,359.00) of debt (the \"Debt\") into equity of Lattice Biologics (the \"Transaction\").The Debt is expected to be converted to equity at a conversion price of Can$0.19 per Share, resulting in the issuance of 491,363 Shares and 491,363 warrants (the \"Warrants\") of Lattice Biologics. Each Warrant will be exercisable at a price of Can$0.25 per common share for a period of three years from the date of closing the Transaction.These transactions demonstrate the confidence and ongoing support of service providers, and help to strengthen the Company's balance sheet. Reducing debt also increases the Company's ability to develop new products such as the Company's new amnion based product AmnioBlast, as well as the AmnioBoost product, expected to launch in late March 2017.Completion of the Transaction is subject to the approval of the TSXV and compliance with all regulatory requirements. The Shares issuable in connection with the Shares for Services Agreement and the Transaction will be subject to a four-month resale restriction.Lattice Biologics Ltd.Guy Cook,Chief Executive OfficerTelephone No: (480) 563-0800About Latti...